Fed Loan Disclosures

Trillion-Dollar Secret

Bloomberg's series "Trillion-Dollar Secret" exposed details of the Federal Reserve's rescue of the financial system during the 2007 to 2009 crisis. The data, which the Fed guarded until Congress and a court order forced their disclosure, revealed a banking industry in trouble so deep it needed loans of up to $1.2 trillion on a single day. The numbers surprised U.S. lawmakers, who told Bloomberg they were unaware of the scope of the bailout even as they crafted laws aimed at preventing the need for another one.

Bloomberg Exclusives

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  Fed’s Once-Secret Data Compiled by Bloomberg Released to Public

  Bloomberg News today released spreadsheets showing daily borrowing totals for 407 banks and companies that tapped Federal Reserve emergency programs during the 2007 to 2009 financial crisis. It’s the first time such data have been publicly available in this form.

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  Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress

  Nov. 27, 2011 (Bloomberg) -- The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

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  Wall Street Aristocracy Got $1.2 Trillion in Secret Loans

  Aug. 22, 2011 (Bloomberg) -- Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

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  Libya-Owned Arab Banking Corp. Drew at Least $5 Billion From Fed in Crisis

  April 1, 2011 (Bloomberg) -- Arab Banking Corp., the lender part- owned by the Central Bank of Libya, used a New York branch to get 73 loans from the U.S. Federal Reserve in the 18 months after Lehman Brothers Holdings Inc. collapsed.

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  Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak

  April 1, 2011 (Bloomberg) -- U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.

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  Fed Gave Banks Crisis Gains on $80 Billion Secretive Loans as Low as 0.01%

  Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) and Royal Bank of Scotland Group Plc (RBS) each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public.

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  Morgan Stanley Speculating to Brink of Collapse Got $107 Billion From Fed

  Aug. 22, 2011 (Bloomberg) -- As markets convulsed in September 2008, Morgan Stanley (MS) Treasurer David Wong briefed the Federal Reserve on a “dark” scenario in which the U.S. firm would need at least $10 billion of emergency loans from the central bank.

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  Fed Made State Street Profitable as Money-Fund Middleman in ’08

  State Street Corp. (STT) and JPMorgan Chase & Co. (JPM) profited during the financial crisis by borrowing $200 billion almost risk-free from the Federal Reserve under a program intended to rescue money-market mutual funds.

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  Fed Data From 29,000 Pages Show Banks’ Bailout: Methodology

  Aug. 22, 2011 (Bloomberg) -- To rank companies by how much they borrowed from the U.S. Federal Reserve during the financial crisis, Bloomberg News examined data the central bank was forced to release about seven programs.

• Fed’s $1.2 Trillion Loan Lifelines Dwarfed TARP: Glossary

  Aug. 22, 2011 (Bloomberg) -- The U.S. Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010, exceeding the $700 billion Troubled Asset Relief Program.

• Mark Pittman’s Fed Legacy: ‘Maybe Tomorrow the Dog Will Talk’

  Nov. 27, 2011 (Bloomberg) -- One legacy of the release of the Federal Reserve’s bailout data was the triumph of a single person over the most powerful bank in the world.

"Trillion-Dollar Secret" Archive

• Mar. 31, 2011: Morgan Stanley Borrowed $6.9 Billion From Discount Window in October 2008

• Mar. 31, 2011: JPMorgan Borrowed at Least $5.9 Billion From Fed Window

• Mar. 31, 2011: Fed Accepted More Defaulted Debt Than Treasuries as Rescue-Loan Collateral

• Mar. 31, 2011: Fed Releases Discount-Window Loan Records During Crisis Under Court Order

• Mar. 31, 2011: Wachovia Held $29 Billion in Borrowings From Fed’s Discount-Window in 2008

• Mar. 29, 2011: Dying Banks Kept Alive Show Secrets Fed's Data Will Reveal for First Time

• Mar. 25, 2011: Bernanke Betting Briefings to Promote Clarity Instead of Market Volatility

• Mar. 22, 2011: Fed's Court-Ordered Transparency Shows Americans `Have a Right to Know'

• Mar. 21, 2011: Fed Will Release Bank Loan Data as Top Court Rejects Appeal

• Feb. 19, 2011: Obama Lawyers Say Ruling on Fed Loan Disclosure Should Stand

• Oct. 26, 2010: Fed Won't Join Supreme Court Appeal on Loan Disclosures

• Aug. 23, 2010: Fed Loses Bid for Review of Bailout Disclosure

• Aug. 25, 2009: Court Orders Fed to Disclose Emergency Bank Loans

• Nov. 10, 2008: Fed Defies Transparency Aim in Refusal to Disclose

• Nov. 7, 2008: Bloomberg Sues Fed to Force Disclosure of Collateral

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